HOUSTON (Reuters) -A Delaware court is inclined to deny a motion recently introduced by miner Gold Reserve to disqualify a rival bid from an affiliate of hedge fund Elliott Investment Management for the parent of Citgo Petroleum, Judge Leonard Stark said in a filing on Wednesday. The court is set to begin the final sale […]
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US court inclined to deny Gold Reserve’s move to disqualify Elliott bid for Citgo parent
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HOUSTON (Reuters) -A Delaware court is inclined to deny a motion recently introduced by miner Gold Reserve to disqualify a rival bid from an affiliate of hedge fund Elliott Investment Management for the parent of Citgo Petroleum, Judge Leonard Stark said in a filing on Wednesday.
The court is set to begin the final sale hearing in the court-organized auction of shares next week, before Stark makes a decision on the auction’s winner. The hearing will follow the preliminary selection last month of a $5.9 billion bid from Elliott’s affiliate Amber Energy as the best offer so far submitted in the auction.
(Reporting by Marianna Parraga; Editing by Nathan Crooks)